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Thursday 31 July 2014

Chinese NZ winery bid falls through

6th November, 2013 by Livia Xin

A Chinese syndicate has failed in its bid to buy Ascension Wine Estate near Auckland due to residency issues.

chinaThe NZ$4 million (£2.06 million) deal to buy the New Zealand winery and hospitality venue fell through after the Chinese buyer failed to obtain the necessary Overseas Investment Office approval in time, according to the New Zealand Herald.

The property has now been placed back for sale, despite the Chinese buyers now meeting the residency requirement and making a new NZ$4m unconditional offer for the purchase.

The winery was one of the earliest wineries planted in the Matakana valley – gateway to the up-market coastal seaside resorts of Omaha and Leigh. The business quickly expanded in 2000, including 4ha of vines, a restaurant, function centre and winemaker’s cottage.

Receiver Andrew McKay of Corporate Finance told the New Zealand Herald that the syndicate had paid a deposit, but would not disclose how much, or whether it had been forfeited.

The business is still in trading with all functions committed to being honored before 28 November, the tender closing time.

However, Yi Wei Londes, the Barfoot and Thompson agent who acted on behalf of the Chinese buyers said that the buyers had transferred the NZ$200,000 (£103,000) deposit into the receiver’s trust account but still haven’t been paid back.

Also, although the NZ$4m unconditional offer was made last Friday she was yet to hear from the receivers.

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